The Hinkley Company Expands Service Facilities from Maine to Florida

Boston, MA, June 15, 2001. The Hinckley Company today announced the acquisition of the David Lowe's Boatyard, Inc. of Port Salerno, Florida and consolidated management of its operations in Maine, Rhode Island and Florida. Ralph Willard, President of The Hinckley Company, announced the acquisition along with the appointments of Gerry DiSchino as Executive Vice President and General Manager of Service Operations and Paul Frederick, Executive Vice President and General Manager of Boat Building Operations for the company. In Southwest Harbor, Maine, Hinckley designs and builds the world renowned Sou'wester® line of sailing yachts and Talaria® jet-powered motor yachts, including The Picnic Boat®. In Rhode Island, the company designs and builds the WhisperJet® line of jet-powered cruising yachts. Major marine service facilities are also in place in both Maine and Rhode Island.

The Florida service yard, just south of Stuart, will be renamed The Hinckley Company, Stuart, Florida and will continue to offer world class yacht service, refit and repair to customers of David Lowe, as well as the owners of Hinckleys, WhisperJets and all types of sailing and power yachts. With the retirement of David Lowe III after over 55 years of service, Eric Haberli, formerly Vice President of Palmer Johnson, Inc. and General Manager of its Refit & Repair Complex in Savannah, GA, will become Service Operations Manager of the new Hinckley Florida operation. David Lowe IV, Administrative Manager and Eric Bamberg, Service Manager, long associated with the Lowe yard, will remain part of the management team. The existing crew of skilled workers will also continue with Hinckley at Port Salerno.

Mr. Haberli will be working together with Rusty Bradford, Service Operations Manager of The Hinckley Company, Southwest Harbor, Maine and Geoff Prior, Service Operations Manager of The Hinckley Company, Little Harbor, Rhode Island to provide Hinckley-quality service up and down the eastern seaboard of the United States. Among these three men, there is more than 100 years of service experience and, with the backing of The Hinckley Company organization, they operate the most up-to-date service yards in their areas. The Rhode Island facility is the largest service and refit yard in New England, handling everything from small power and sailboats to ocean-going mega yachts. Hinckley's Service facility in Southwest Harbor, Maine has been known as one of the highest quality service centers in the world since the founding of the yard in 1928.

The Hinckley Company, Stuart, Florida, is a 15.5-acre yard with 20,000 square feet of indoor workspace and is known for its impressive carpentry, fiberglass, hull and engine repair facilities as well as excellent customer service. It has 88 slips accommodating yachts up to 110' and three travel lifts of 50 ton, 88 ton and 150 ton. It is conveniently located just a mile and a half from the Intracoastal Waterway in the Manatee Pocket and is easily reachable by car just off Rte 95 or by air through both Palm Beach International Airport and a large private plane airfield in Stuart. The yard is located in a beautiful residential area close to restaurants and other amenities.

Mr. Willard noted, "We are very pleased to add the David Lowe's Boatyard to the Hinckley Service family. The acquisition reaffirms the Hinckley commitment to providing superlative service to our own customers and to all yachtsmen." Mr. Lowe stated, "The Hinckley Company is one of the most respected names in the yachting industry. My family is proud to have our facility become part of the Hinckley service yard network."

The Hinckley Company of Southwest Harbor, Maine was founded in 1928 and is considered to be one of the oldest yacht builders inn the United States. Hinckley is also recognized as one of the world's premier builders of semi-custom sailboats and jet boats. Hinckley semi-custom yachts range in length from 36-70 feet. In addition to its boat-building operations, the company provides maintenance, repair and storage services and operates a yacht brokerage and charter as well as a retail store.

For more information about all the service facilities of The Hinckley Company contact Gerry DiSchino, General Manager of Service Operations, The Hinckley Company at: tel: 401.683.7280; fax: 401.683.7238.